The stable currency GGC of the gold is anchored to the stable currency market in the form of ICC.

 The stable currency GGC of the gold is anchored to the stable currency market in the form of ICC.

Recently encrypted market currency prices have fallen, and bitcoin has even dropped at a time of 3500 dollars. Under the bear market, stable currency has become a tool for investor protection, and many stable currencies have been exploded.

The currency in this year’s encryption market is particularly eye-catching, not only because of the bear market in the encryption market. Since September 10th, the stable currency, GUSD and PAX, issued by the ether Fang, became the first batch of digital assets approved and supervised by the government regulatory agency (New York Financial Services Department). It is reported that in September, a total of 15 institutions launched 13 kinds of stable currency, mostly anchored in US dollars, and also anchored offshore RMB, Australian dollar, yen, gold and so on. In October, the exchange OKCoin said that OKCoin USA would participate in the launch of the regular stable currency, the fire currency launched a stable currency HUSD, and anchored a number of stable currencies. In October, there was a crisis of trust in USDT, the price of the currency fell sharply, and many exchanges began to launch several mainstream stable currencies.

The GramGold Coin Collaboration (hereinafter referred to as GGCC), which is recently contacted by the Odaily daily, issued a stable currency GramGold Coin (hereinafter referred to as GGC) linked to gold (hereinafter referred to as GGC), with an anchoring proportion of 1 GGC corresponding to 1 grams of gold.

At present, the majority of the stable currency on the market anchors the dollar, but this kind of stable currency, if not regulated by the government, is faced with an opaque and indiscriminate problem like the USDT assets. So, what are the solutions for the stable currency linked to gold? What are the advantages compared to it?

For why gold is anchored, the founder & CEO Thomas Huang says the idea that GGC uses gold as an asset comes from the co – founder Allen Hsu, and Allen thinks gold is scarce. At present, 190 thousand tons of gold have been mined, and only 50 thousand and 4 tons of gold have not been mined, and the total supply of gold is limited and can be quantified. And the main founders of the team are all the traditional financial backgrounds, and the idea of bringing gold into the encrypted market is to see the safe role of gold in the portfolio, which is the lack of the encrypt market.

Thomas believes that the price of gold is reverse related to the price of the virtual digital currency, and that gold has a scarcity and stability. For encrypted investors, anchoring the stable currency of gold is a good hedge.

Secondly, in terms of asset transparency, the stable dollar that has anchored US dollars is often questioned without a full dollar reserve. Thomas says this is because the bank cannot give a corresponding proof of proof according to the rules of the bank.

Anchor gold’s stable currency, GGC, provides three audit methods to ensure asset transparency: internal audit, external audit, and audit of the exchange.

The internal audit of them relies on the endorsement of the centralization agency’s credit. Thomas said GGC worked with BullionStar, a precious metal Trader in Singapore. BullionStar provides a 7 – day, 24 – hour multi – party real-time audit service that provides immediate asset credentials reports. By inquiring the official website of BullionStar, investors can know whether GGC has sufficient gold reserves to ensure the transparency of GGC.

The external audit, that is, BullionStar receives the two review of the third party audit company Bureau Veritas each year; the exchange does the audit, that is, the GGCC itself contributes to the asset audit of the exchange on the GGC.

As for the positioning of GGC’s market in the stable currency, Thomas says that GGC does not regard the dollar as a competitor and considers each other a complementary and alternative relationship.

The same anchor gold project also has Digix, HelloGold, and so on. The main difference between GGCC and these projects is in the way of issuing. GGCC does not take the ICO to raise money after the money raising, but chooses the way of ICC (Initial Coin Circulation). In a simple way, it is the first to put the stable currency on the exchange.

We can combine the whole operation process of GGC, that is, GGCC buys gold from BullionStar first, obtains the voucher of gold assets, and then passes the POA asset to prove the chain, the GGC of the equal amount, and the final GGC into the exchange circulation.

Thomas Huang says that when GGC is in circulation, there is no circulation of the first class market, which is equal to selling the investors directly to the two level market, selling or converting GGC, getting other virtual digital currencies, and then going to BullionStar to buy more gold as a reserve. At present, both buyers and sellers of GGC are required to pay 0.15% fee.

Up to now, GGC has a circulation of 5600, and has been on the Kucoin exchange on November 30th.

At present, the structure of the USDT dominated currency market is still not the end, the stable currency market is still in the early stage, and the addition of traditional financial institutions will promote its development. But how to maintain a continuous profit will be a difficult point for the project to face.

Team members, founder & CEO Thomas Huang, KGI Bank senior vice president, China Development Industrial Bank senior vice president, UBS wealth management general manager, Polaris Financial chief risk officer, general manager; joint founder, general manager of investment banking.

I’m Qi Ming of the Odaily daily, exploring the real block chain, and I like to chat with all the gods everyday. Please add WeChat qingmoruoshui for the project exchange and information. Please remark the name, company and position. Reprint / content cooperation / report report@odaily.com; violation of the law must be prosecuted.

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